System1, Inc. (SST): debt financing — System1 enters $20M revolving credit facility with co-founder trusts at SOFR+3.15%

System1, Inc.

Lone Star Friends Trust and CEE Holding Trust each committed $10M; funds for working capital and general corporate purposes.
Interest at Daily Simple SOFR plus 3.15% per annum; maturity date July 10, 2024, with automatic 3-month extensions unless notice given.
Unused commitment fee of 1.0% per annum and a closing fee of 12% of each Lender's Commitment payable within 180 days.
Transaction approved by independent directors; Lenders are trusts for co-founders Michael Blend and Charles Ursini.
Borrowings in increments of $100,000; can prepay without penalty (except breakage costs).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

System1, Inc. incurred revolving credit of $20.0 million with Lone Star Friends Trust and CEE Holding Trust at SOFR plus 3.15% maturing July 10, 2024.

Instrument: revolving credit
Principal: $20.0 million
Counterparty: Lone Star Friends Trust and CEE Holding Trust
Rate: SOFR plus 3.15%
Maturity: July 10, 2024
Event: incurrence

Exact text from the filing

Orchid Sub entered into a $20.0 million Revolving Note with the Lenders party thereto

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

System1, Inc. entered into Revolving Note with Lone Star Friends Trust and CEE Holding Trust valued at $20.0 million (effective 2023-04-10).

Action: entry
Agreement: credit facility
Counterparty: Lone Star Friends Trust and CEE Holding Trust
Value: $20.0 million
Effective: 2023-04-10

Exact text from the filing

On April 10, 2023, Orchid Merger Sub II, LLC (“Orchid Sub”), a wholly-owned subsidiary of System1, Inc. (the “Company”), entered into a $20.0 million Revolving Note (the “Revolving Note”) with Lone Star Friends Trust (acting by and through its trustee, Stanley Blend, “Lone Star”) and CEE Holding Trust (acting by and through its trustee, Jackson Hole Trust Company, “CEE”, and together with Lone Star, collectively, the “Lenders” and each, a “Lender”)

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System1, Inc. filing history →

Source: SEC EDGAR

accession 0001805833-23-000043

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